The popular inter-exchange settlement network, Liquid has collaborated with Canada-based bitcoin exchange, Bull Bitcoin turning its member score to nearly 30.
Based on the reports concerning the Bull Bitcoin partnership with Liquid Exchange Network, the investors using the Bull Bitcoin platform will now be open for interaction and communication with other popular exchange networks on Liquid’s sidechain.
The integration is tentatively scheduled to take place in the early phase of 2020. Bull Bitcoin CEO, Francis Pouliot stated that the collaboration would need some inputs from the technology arm of the exchange for the successful integration.
Pouliot further quoted that:
We’re making sure we have this backup layer. We want to make sure bitcoin succeeds, and this is our way to participate in strengthening the network.
The highly-anticipated partnership between Liquid and Bull Bitcoin will lead to the issuance of a native asset on the Liquid network by Bull Bitcoin exchange. Dubbed as L-CAD, the asset will be secured against the Canadian dollar and will serve as the voucher for purchasing bitcoin on the exchange.
Liquid, a second layer tech focused on Bitcoin is the brainwork of globally reputed Bitcoin and blockchain exploring firm, Blockstream. The Liquid network was designed as a federated sidechain which serves as a blockchain with an array of features, outstanding capabilities, and crucial benefits which are act as a replacement for the Bitcoin blockchain limitations.
The network was developed with an aim to cater to the needs of the investors who deal in crypto exchanges by providing them quick, secured, and confidential funds transfer. This sidechain helps to get away with the issue of delayed transaction finality on the Bitcoin blockchain.
Blockstream’s head strategy officer, Samson Mow in a recent interaction revealed that in the present time, the sidechain built for speeding up BTC transactions has a strong base of around 30 members. The members’ list includes reputed crypto exchanges, namely Bitfinex, BITMex, OKCoin, and other exchanges accounting for the trading of a whopping sum of $900,000 on the network.